Persian Gulf Stocks: Abu Dhabi Commercial, United Development
Dubai shares rose to the highest since October, climbing 0.7 percent to 1,405.82 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) gained 0.2 percent. Saudi Arabia’s market was closed for the weekend.
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
Abu Dhabi Commercial Bank PJSC (ADCB) advanced the most since May 2010, rising 5.7 percent to 2.97 dirhams. Fourth- quarter profit climbed 39 percent as the United Arab Emirates’ third-biggest bank gained from lending and reduced provisions.
Commercial Bank of Qatar QSC (CBQK QD) dropped for the fourth time this week, declining 1.5 percent to 80.4 riyals. Fourth-quarter net income at the Persian Gulf country’s second- biggest lender missed analysts’ estimates and the bank’s dividend proposal was lower for 2011 than the year earlier.
National Bank of Kuwait SAK (NBK KK) gained for the first time since Jan. 17, rising 1.8 percent to 1,160 fils. The country’s biggest bank said full-year profit rose 0.2 percent to 302.4 million dinars ($1.1 billion).
United Development Co. (UDCD) rallied to the highest in almost a month, surging 6.6 percent to 25.8 riyals. The Qatari investor in infrastructure and energy said 2011 profit increased six-fold to 3.75 billion riyals ($1 billion). The company plans to pay four bonus shares for every 10 held. Also, the board recommended to shareholders a 20-riyal offer from the Pension and Social Insurance Authority to become a strategic owner.
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